Applied learning colleges and universities often have a machine shop handy, and if you're a student and you ask nice enough, they might just let you use their tools to build your very own guitar with unparalleled precision.
I managed to put this project together for about $100, parts and finishing products included. This is because the neck I used was a donor from an old Fender "Stratocopy" and the wood was a leftover oak stair from my uncle. Recycling! If you purchased a nice quality complete neck, and a nice slab of wood,this project could bump up to $450, and up to $600 for premium pickups and electronics.
Now, since mills are large, expensive and potentially dangerous machines I am going to write this Instructable assuming you have little/no milling experience, but have someone close by to assist and answer your machine-specific questions. I won't be able to help with that kind of specific questions.
Alright, lets get to work!